The Victorian state government has announced a $31 million Business Recovery Energy Efficiency Fund to help manufacturing businesses reduce emissions and energy costs and retain employees using smart technologies.
The new technologies will aid in reducing costs, providing the support businesses need to make long-term investments.
The Business Recovery Energy Efficiency Fund will also support hundreds of jobs to carry out the upgrades.
“We are supporting some of Victoria’s biggest employers to be more energy efficient while also saving money on their bills,” minister for Energy, Environment and Climate Change Lily D’Ambrosio said.
“This package will support around 500 jobs, as electricians and technicians work to deliver these upgrades in businesses across Victoria.”
The funding will go to local manufacturing businesses across Victoria, such as Furphy’s Foundry in Shepparton.
The Business Recovery Energy Efficiency Fund will provide $24 million for capital works to help 67 businesses install energy saving equipment and technology – from upgrades to heating, air conditioning and refrigeration and highly efficient hot water heaters.
The program will also provide $7 million to help 43 businesses undertake energy audits and install demand management systems that will improve the efficiency of existing infrastructure. In total, the fund will save Victorian businesses up to $17M per year in energy costs.
Last year’s Budget invested $1.6 billion in clean energy, which was the largest investment a state government has ever made.